Definitions for "Convertible adjustable-rate mortgage"
A mortgage that allows the borrower to convert from an adjustable-rate mortgage to a fixed-rate mortgage in a specified period of time.
A car with no roof? You wish. It's an adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.
an ARM that can be converted to a fixed-rate mortgage, usually after a set period of time.